Scotland-based AWS Ocean Energy has raised UK£2M (US$3.6M) in equity funding from investment group RAB Capital for further development of its wave power generating system, the Archimedes Wave Swing (AWS).
The AWS system is moored to the seabed, invisible from the surface, and generates electricity when passing waves move an air-filled upper casing against a lower fixed cylinder. It was originally invented in the Netherlands and AWS Ocean Energy was formed in 2004 as a British company to develop and apply the technology, which is fully protected by international patents, in both the UK and overseas markets.
The AWS generator has already completed successful trials providing electricity to the Portuguese national grid. The new funding will enable AWS to assemble a world-class engineering and commercial team at its headquarters in Ross-shire, Scotland, and to complete the design of a full-scale demonstrator to be fabricated in 2007 and commissioned in 2008. The updated Mark Two design will build on last year’s successful testing off the coast of Portugal.
AWS was advised in the fundraising by the clean energy investment and advisory firm Tersus Energy.
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